Viper Energy Inc. (VNOM)

Operator: Hello, and welcome to the Viper Energy First Quarter 2026 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

Despite the recent pullback, the Brent crude oil price has soared by over 56% since the beginning of 2026.

As of the writing of this piece, the S&P Energy index has surged by over 34% since the beginning of 2026, compared to a decline of almost 5% posted by the overall S&P 500.

The sharp uptick this year has been driven by events that have recently shaken the global energy landscape, such as the regime change in Venezuela and, most importantly, the ongoing war in Iran.

The Brent crude oil price soared past the $110 per barrel mark on March 18, its highest level since Russia invaded Ukraine in 2022.

On January 23, Morgan Stanley analyst Devin McDermott slightly lowered the firm’s price target on Viper Energy, Inc.

The ongoing tensions between Washington and Tehran have caused significant volatility in global crude oil prices over the last few weeks.

We came across a bullish thesis on Viper Energy, Inc. on LLVI Capital’s Substack. In this article, we will summarize the bulls’ thesis on VNOM.

Operator: Good day, and thank you for standing by. Welcome to the Viper Energy Third Quarter 2025 Earnings Conference Call.